Bank warns on provisions rise
By NEIL HARTNELL Tribune Business Editor Bank of the Bahamas International has warned investors it may have to increase loan loss provisions further during its financial year's second half, its managing director telling Tribune Business it was "grappling
Competition fears on Super Value's City Markets 'deal'
By NEIL HARTNELL Tribune Business Editor Rival food retailers have voiced fears that allowing Super Value to acquire City Markets' remaining stores would create a "virtual monopoly" in the New Providence supermarket business, with an estimated 60-80 per
Crossing the generation gap
By Ian Ferguson Much has been said and written on the differences between the four generations present in today's workforce. A number of titles have been given to them, but for the purpose of this discourse, we will refer to them as Traditionalist, Baby
Grand Bahama company unveils distribution deal
Grand Bahama-based Paint Fair has launched its distributorship of International Paint, the industrial protective coatings brand, in the Bahamas along with specialised training for its team. In a launch attended by Minister of Public Works and Transport, N
NAD READIES FOR 10,000 PASSENGER EASTER PERIOD
The Nassau Airport Development Company (NAD) is gearing up for an Easter weekend when it is likely to process up to 10,000 passengers, this week marking five years since it took over day-to-day operations at the Lynden Pindling International Airport (LPIA
NAD READIES FOR 10,000 PASSENGER EASTER PERIOD
The Nassau Airport Development Company (NAD) is gearing up for an Easter weekend when it is likely to process up to 10,000 passengers, this week marking five years since it took over day-to-day operations at the Lynden Pindling International Airport (LPIA
Bank hosts car show
Bank hosts car show Royal Bank of Canada's (RBC) Grand Bahama branch hosted its 'March Madness' car show last weekend at its premises in downtown Freeport. "We invited all persons interested in purchasing a new vehicle to take advantage of RBC's on-the-
CORRECTION
In a Tribune Business article published on Monday, April 16, 2012, entitled 'Hotel chief 'confident' nation closing on 2m stopovers before 2022', the Bahamas Hotel Association's (BHA) president was named as Stuart Miller. He is, of course, Stuart Bowe. Tr
Marina Village shop wins 'priceless' award
Marina Village shop wins 'priceless' award A shop packed floor to ceiling with accessories, swim and resort wear walked away with top honours and a cheque for $1,000 in an ongoing monthly contest to identify winning merchants, restaurants, attractions an
Entrepreneur's $1,000 Summit 'Conception'
Entrepreneur's $1,000 Summit 'Conception' Bahamian sentrepreneurs seeking financial help to develop their businesses had a shot at winning $1,000 at the recent International Franchise and Entrepreneurial Summit and Trade Show by showcasing their 'five-mi
Higgs & Johnson partner recognised
Higgs & Johnson partner, Heather L. Thompson, has been recognised by The International Law Office (ILO) Client Choice Awards 2012 in the area of offshore services. Ms Thompson has extensive experience in international trust and company administration, wh
Bahamian management consultants move ahead
Bahamian management consultants move ahead The interim Bahamas Chapter of the Caribbean Institute of Certified Management Consultants (CICMC) has taken another step towards full Chapter certification and affiliation. Dennis Strong, a world-renowned manag
Graycliff's Garzaroli honoured by CTO
Graycliff's Garzaroli honoured by CTO Roberta Garzaroli, president of The Atrebor Group, was last week honoured with the Jerry Award at the Caribbean Marketing Conference and Awards Luncheon. The 'Jerry' recognises Allied Members of the Caribbean Touris
Accountants donate to Special Olympics
Accountants donate to Special Olympics The Bahamas Institute of Chartered Accountants (BICA) has announced its sponsorship of Special Olympics Bahamas this year. The Special Olympics Bahamas is an organisation dedicated to allowing equal athletic compet
Winterbotham staffer passes Series 7 exam
Winterbotham staffer passes Series 7 exam The Winterbotham Trust Company's operations administrator, Jessica Thornley-Mitchell (pictured), has passed the Series 7 exam with a grade of 81 per cent after studying with the Nassau-based Securities Training I
Callenders & Co partner named 'real estate expert'
Callenders & Co partner named 'real estate expert' A Callenders & Co law firm partner, Chad Roberts, has been nominated by CorpINTL as the first real estate law expert in the Bahamas. Callenders & Co was also nominated as the 'recommended firm' for rea
BTC launches 4G in northwest Bahamas
BTC launches 4G in northwest Bahamas The Bahamas Telecommunications Company (BTC) has officially launched 4G services in the Berry Islands and Bimini. Jerome Sawyer, BTC's spokesman, said: "Travellers won't have to worry about sluggish download speeds, l
Investor group eyeing $20-$30m water sales
Investor group eyeing $20-$30m water sales By NEIL HARTNELL Tribune Business Editor The investor group that acquired the former Bacardi plant believes its ECH2O bottled water brand can generate $20-$30 million in annual sales in five to six years time,
BFSB makes Landfall in Miami and Europe
BFSB makes Landfall in Miami and Europe The Bahamas Financial Services Board's (BFSB) main promotional event is set to make Landfall in Europe and Miami in June, as it seeks to educate intermediaries and their high net worth clients on what this jurisdi
Cable produces 37% profit rise
Cable produces 37% profit rise Cable Bahamas yesterday unveiled a 37.4 per cent net income increase to $6.339 million for the 2012 first quarter, up from $4.614 million during the same period in 2011. The growth was driven by a 23.5 per cent revenue rise
In STEP with tax planning
In STEP with tax planning The Society of Trust and Estate Practitioners (STEP) Bahamas branch has held its first half-day tax seminar, with speakers from three jurisdictions presenting on Taxation and Tax Reporting Requirements of Offshore Structures. T
Baha Mar takes up Residence in London
Baha Mar takes up Residence in London Khaalis Rolle, minister of state for investments, with members of the Baha Mar team at the launch of their 300-strong high-end Residences properties in London yesterday
Bahamian realtor at 'Google' conference
Bahamian realtor at 'Google' conference A Bahamian real estate firm participated with worldwide affiliates in a May 9, 2012, marketing seminar at Google's New York offices. Damianos Sotheby's International Realty, along with marketing professionals from
COMMISSION URGED: TAKE 'STRONG ACTION' OVER CITY MARKETS
By NEIL HARTNELL Tribune Business Editor A well-known financial analyst yesterday urged the Securities Commission to take strong, swift public action to protect the 22 per cent minority investors in City Markets' operating company, warning that "the inte
ADDRESSING GRAND LUCAYAN 'DILEMMA'
Dear Mr Hartnell I refer to your recent article in The Tribune, concerning our resort, newly named "Grand Lucayan" - a Radisson resort. I would like to clarify some of the content, which might otherwise cause some confusion in Grand Bahama island. As yo
'STRAW THAT BREAKS THE CAMEL'S BACK'
By NEIL HARTNELL Tribune Business Editor Failure to implement crime-prevention methods "could be the straw that breaks the camel's back" for many struggling Bahamian companies, private sector leaders warned yesterday, with "slack" businesses more suscept
FOOD 'FLAGSHIP' IN 'SURPRISE SUCCESS'
By NEIL HARTNELL Tribune Business Editor A well-known Bahamian businessman yesterday said he had been "terribly surprised with the success" of his 22 year-old company in "carrying the flagship of Bahamian food", as it moves to "regroup" and consolidate i
$8K PER MONTH LOSSES CLOSE GB'S 'FAVOURITE EATERY'
By NEIL HARTNELL Tribune Business Editor A well-known Bahamian businessman yesterday told Tribune Business he had closed "Freeport's favourite restaurant" because it had been losing between $6,000-$8,000 per month for the past two years, adding that rent
HUTCHISON CHIEF: GRAND LUCAYAN IN 'PERILOUS POSITION'
By NEIL HARTNELL Tribune Business Editor All Grand Bahamians need to realise the Grand Lucayan resort is in a "perilous position", a senior Hutchison Whampoa executive told Tribune Business yesterday, adding that the Hong Kong-based conglomerate was "fra
ADDRESSING GRAND LUCAYAN 'DILEMMA'
Dear Mr Hartnell I refer to your recent article in The Tribune, concerning our resort, newly named "Grand Lucayan" - a Radisson resort. I would like to clarify some of the content, which might otherwise cause some confusion in Grand Bahama island. As yo
'STRAW THAT BREAKS THE CAMEL'S BACK'
By NEIL HARTNELL Tribune Business Editor Failure to implement crime-prevention methods "could be the straw that breaks the camel's back" for many struggling Bahamian companies, private sector leaders warned yesterday, with "slack" businesses more suscept
FOOD 'FLAGSHIP' IN 'SURPRISE SUCCESS'
By NEIL HARTNELL Tribune Business Editor A well-known Bahamian businessman yesterday said he had been "terribly surprised with the success" of his 22 year-old company in "carrying the flagship of Bahamian food", as it moves to "regroup" and consolidate i
$8K PER MONTH LOSSES CLOSE GB'S 'FAVOURITE EATERY'
By NEIL HARTNELL Tribune Business Editor A well-known Bahamian businessman yesterday told Tribune Business he had closed "Freeport's favourite restaurant" because it had been losing between $6,000-$8,000 per month for the past two years, adding that rent
LEARN FROM NECESSITY AS OUR ANCESTORS DID
By Simon Cooper Res Socius The world changed irrevocably after the September 11 attacks and the international economic crisis, which keeps on rolling. Everything we believed in took a knock. People are a lot more cautious, and the employment umbrella we
NO 'OPEN DOORS' FOR $8BN-$10BN INDUSTRY
By NEIL HARTNELL Tribune Business Editor A potential $8-$10 billion industry lies beneath Bahamian waters if its development is handled correctly, a local archaeological salvage expert yesterday warning against an 'Open Doors' policy that would allow for
CAR DEALERS SUFFER $75M REVENUE HIT
By NEIL HARTNELL Tribune Business Editor Bahamas Motor Dealers Association (BMDA) members saw their collective sales revenues fall by more than $75 million over the first 10 months of the years between 2009-2011, one dealer suggested yesterday, although
Port 'dismayed' by Shenanigan's
The Grand Bahama Port Authority (GBPA) has described itself as "dismayed" by criticisms from a Bahamian businessman who closed his Port Lucaya Marketplace restaurant blaming high rents, arguing that he had been "unresponsive" to attempts to resolve the si
NO 'OPEN DOORS' FOR $8BN-$10BN INDUSTRY
By NEIL HARTNELL Tribune Business Editor A potential $8-$10 billion industry lies beneath Bahamian waters if its development is handled correctly, a local archaeological salvage expert yesterday warning against an 'Open Doors' policy that would allow for
CAR DEALERS SUFFER $75M REVENUE HIT
By NEIL HARTNELL Tribune Business Editor Bahamas Motor Dealers Association (BMDA) members saw their collective sales revenues fall by more than $75 million over the first 10 months of the years between 2009-2011, one dealer suggested yesterday, although
BAHAMAS AT 'TOP OF PACK' ON WEALTH MANAGEMENT
By NEIL HARTNELL Tribune Business Editor Revised legislation will leave the Bahamas "at the top of the pack" among Caribbean financial centres when it comes to private wealth management, the Attorney General told Tribune Business yesterday. Lauding amend
LIQUIDATION REFORMS TO GIVE NATION ADVANTAGE
By NEIL HARTNELL Tribune Business Editor Reforms to the Companies Act's liquidation regime that deal with assets held in trust are "very progressive" and give the Bahamas a competitive advantage over its main Caribbean international financial centre riva
Port 'dismayed' by Shenanigan's
The Grand Bahama Port Authority (GBPA) has described itself as "dismayed" by criticisms from a Bahamian businessman who closed his Port Lucaya Marketplace restaurant blaming high rents, arguing that he had been "unresponsive" to attempts to resolve the si
OIL EXPLORER UNVEILS 'BAHAMIANISE' PLAN
By NEIL HARTNELL Tribune Business Editor A Bahamas-based oil exploration company's Environmental Impact Assessment (EIA) is expected to be released for public consultation on January 23 next year, the company also unveiling plans to "Bahamianise" through
ATLANTIS SWITCH 'DOESN'T ADD UP'
By NEIL HARTNELL Tribune Business Editor A former Bahamas Chamber of Commerce president yesterday said the details surrounding Kerzner International's $175 million debt-for-equity swap did not 'add up', questioning how the new owners would see a return o
FOCOL 'WELL PLACED' FOR IMPROVED 2012
By NEIL HARTNELL Tribune Business Editor FOCOL Holdings yesterday said it was "well-positioned to improve our financial results for 2012", with previously-implemented initiatives to boost operational efficiencies expected to bear fruits that will filter
SKY'S THE LIMIT FOR $270K ROUTE INVESTMENT
By NEIL HARTNELL Tribune Business Editor Sky Bahamas expects to start seeing a return on its $270,000 investment in building its Marsh Harbour-West Palm Beach route in three months' time, telling Tribune Business it cost Bahamian-owned airlines twice as
UNION MUST CHICKEN OUT OVER KFC WAGES
By Simon Cooper Res Socius I'm sure that many of us remember the song, My Old Kentucky Home, with some affection. In case you don't, it begins with the words: "The sun shines so bright in my old Kentucky home. 'Tis summer, the people are gay ..." Now while
STOPOVER VISITORS TO END 2011 DOWN 3-4%
By NEIL HARTNELL Tribune Business Editor Stopover visitor numbers for the 2011 full year are likely to be 3-4 per cent down on 2010 comparisons, the minister of tourism and aviation conceded yesterday, although the group business rebound meant the Bahama
Telecoms ain't nothin' but a portable number
Age ain't nothin but a number. And so, apparently, is communications. Especially when it comes to finally, oh finally, fostering some competition in the Bahamian market, if the regulator had not seemingly bottled it. For the Utilities Regulation & Competi
SUPPLIER CONCERNS ON BTC 'INCONSISTENCIES' SOLUTION
By NEIL HARTNELL Tribune Business Editor Bahamian businesses yesterday expressed concern that the Bahamas Telecommunications Company (BTC) was extending the period for paying them to 60 days, as the newly-privatised carrier moves to tackle "inconsistenci
